Retail sales basically went nowhere in April, climbing just 0.1% in March and 0% ex-autos. There's still no agreement about whether Q1 was just a blip that will snapback in Q2. Capital Economics said they are now doubting whether Q2 annualised real consumption growth can surpass Q1's 3.0% figure, though are not totally bearish. "...the rebound in GDP growth in the second quarter may not be as large as we were expecting. Nonetheless, a rebound from the weather-induced weakness in the first quarter is still on the cards. Moreover, the strong run of employment gains suggests that the outlook for consumption is strengthening."
The NFIB's Index of Small Business Optimism jumped to 95.2 in April from 93.4 in March. "This is the first time the Index has reached 95 since October 2007," noted the NFIB. "The gain is modest but it is still the best reading post-recession. The main contributor to the improved Index came from expected business conditions. Small-business owners are a bit more optimistic in this area but still 9 percent more owners expect business conditions to deteriorate than improve."
Fannie Mae shares climbed 9% and Freddie Mac climbed 8% after their regulator said it would work to make credit more available to potential homeowners. The head of the Federal Housing Finance Agency, which took over management of the government-sponsored home loan buyers in the wake of the financial crisis, also said the agency would now steer clear of reducing maximum loan limits.
Household debt increased 1.1% last quarter, the Fed announced.
Goldman Sachs' managing director Anthony Noto is leaving the investment firm to work for the tech hedge fund that's invested dozens of millions in firms like Snapchat, Lyft and FlipBoard.
Ukraine's Prime Minister warned his country would pursue Russia in courts over its annexation of Crimea, CNN reported.

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